Cameco (NYSE:CCJ) Sets New 52-Week Low Following Weak Earnings

Shares of Cameco Corporation (NYSE:CCJ) (TSE:CCO) hit a new 52-week low on Friday after the company announced weaker than expected quarterly earnings. The stock traded as low as $73.89 and last traded at $74.8180, with a volume of 1,224,262 shares traded. The stock had previously closed at $83.49.

The basic materials company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.13). Cameco had a net margin of 10.20% and a return on equity of 7.59%. The firm’s revenue was up .7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.07 earnings per share.

Wall Street Analysts Forecast Growth

CCJ has been the subject of several recent analyst reports. Truist Financial reduced their price objective on shares of Cameco from $130.00 to $125.00 and set a “buy” rating for the company in a research note on Thursday, October 22nd. Zacks Research lowered shares of Cameco from a “hold” rating to a “strong sell” rating in a research report on Monday, October 5th. Wall Street Zen cut shares of Cameco from a “hold” rating to a “sell” rating in a report on Saturday, September 19th. Barclays dropped their price objective on Cameco from $97.00 to $95.00 and set an “equal weight” rating for the company in a research note on Monday, October 19th. Finally, Weiss Ratings upgraded Cameco from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, October 8th. Twelve analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $147.93.

Institutional Trading of Cameco

Hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE bought a new position in shares of Cameco during the 2nd quarter valued at about $735,498,000. Canada Pension Plan Investment Board bought a new stake in shares of Cameco in the 2nd quarter worth approximately $420,346,000. BlackRock Inc. bought a new stake in shares of Cameco in the 2nd quarter worth approximately $381,091,000. Cibc World Market Inc. purchased a new stake in shares of Cameco in the 2nd quarter valued at $354,022,000. Finally, Amundi boosted its stake in shares of Cameco by 13.7% in the 2nd quarter. Amundi now owns 2,992,074 shares of the basic materials company’s stock valued at $304,773,000 after purchasing an additional 359,375 shares in the last quarter. 70.21% of the stock is owned by institutional investors.

Cameco Stock Performance

The company has a current ratio of 3.06, a quick ratio of 2.10 and a debt-to-equity ratio of 0.14. The company’s fifty day moving average is $91.00 and its 200 day moving average is $104.35. The company has a market cap of $32.66 billion, a P/E ratio of 127.09, a price-to-earnings-growth ratio of 1.69 and a beta of 1.17.

Cameco Company Profile

Cameco Corporation is a Canadian uranium company that explores for, mines, processes and supplies uranium used to generate nuclear power. The company produces uranium concentrates, commonly known as yellowcake, which are sold to nuclear utilities and other customers for conversion into nuclear fuel.

Cameco’s principal mining operations are located in northern Saskatchewan, including the McArthur River and Cigar Lake mines. It also operates the Key Lake uranium mill and has interests in uranium assets in Kazakhstan through the Inkai joint venture.